Asian EFTPOS Study

POS terminalvendors, including Groupe Bull, Dassault AT, De La Rue Fortronics, Hypercom, Schlumberger, Spectra Technologies, VeriFone and others are all vying for a share of the sizable and growing Asian market for EFTPOS terminal infrastructure. According to a new study released this week by Killen & Associates, data on the volume of card-based transactions as well as the penetration of credit, debit, and smart cards support considerable upside potential for more cards and terminals in the countries studied. The study provides details on a country-by-country basis and identifies the most opportune markets for equipment and cards.

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Gelco – Extensity Parnter

Gelco Information Network, Inc., and Extensity a proven pioneer in the development of Web-based applications to reduce major operational costs in corporations, today announced they have formed an exclusive partnership. The partnership will lead to the development and deployment of the most technologically advanced travel expense solution available. Initially, the agreement provides Gelco with an exclusive license to offer Extensity Expense Reports in an outsourced package that will be marketed under Gelco’s ExpenseLink® name. The first project to result from the partnership is an Internet-based browser travel expense solution that will combine Extensity Expense Reports, the first and only 100% Pure Java application to automate expense reporting, with Gelco’s ExpenseLink, the only complete outsourced expense management solution. This complete solution will be available to travelers in January of 1999.

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New IBM E-Commerce Partners

IBM today announced relationships with several business partners that now make it possible for e-businesses to improve their online advertising and merchandising, fulfillment, supply chain management and customer service as well as more robust solutions for online payments. Included in IBM’s announcements made here at Internet World Summer are 11 new business partners, the expansion of Internet payment options for consumers and merchants, an initiative to provide certificate processing and payment gateway facilities for European financial institutions, and the addition of five new customers using IBM e-business solutions.

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CCS Names CFO

Card Capture Services, Inc., has added a new member to its executive team. Christopher L. Marsh joins the company as chief financial officer. He brings nearly 15 years of financial and leadership experience to the CCS executive team. Most recently Marsh served as senior vice president & director of The Greenbrier Logistics Companies in Lake Oswego OR. Prior to that he was president of Superior Transportation System. He has also served as CFO for both Evergreen International Airlines, and LaFran Machine and Manufacturing. Marsh holds a degree in business administration from Oregon State University. Card Capture Services, Inc. was incorporated in May, 1993, in Portland, Oregon.

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BANKATLANTIC   600+  ATMS

BankAtlantic is approaching the 600 ATM milestone, with 90% percent of its ATMs deployed in retail establishments, including Wal-Mart stores, gasoline and convenience food stores, malls, entertainment complexes, college campuses and other nontraditional locations, including three cruise ship lines. BankAtlantic has more than doubled its ATM installations in the last eight months, primarily in Florida.  Among the most recent new locations 10 Quick Stop convenience food stores in the Sarasota area. Nearly 90 other locations soon to be added are part of two other convenience food chains, Kwik King and Island Foods, with stores in central Florida.

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PNC’s 2Q

PNC’s overall net interest margin declined from 3.96% to 3.81% for the second quarter due, in part, to an increase of credit card introductory rates, the bank said yesterday. The bank also reported an increase in noninterest expenses partially relating to streamlining its credit card operations. Card loans hit $4 billion for 2Q/98 compared to $3.7 billion for the first quarter.

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DOJ MasterCards

The nation’s largest issuer of ‘MasterCard Purchasing Cards’ has been awarded a ‘Task Order’ from the U.S. Department of Justice for purchase, travel and fleet cards that are expected to generate more than $500 million in annual spending among more than 120,000 DOJ employees. First National Bank of Chicago was awarded the two-year agreement yesterday as part of the master GSA contract awarded to the bank in February. DOJ formerly used ‘VISA’ cards issued by First Bank. First Chicago was one of six financial services companies selected by the GSA for the next generation of federal government charge cards.

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ATM Tix

Transaction Systems Architects confirmed Thursday it has acquired a minority interest in ATM Tix, Inc., a privately held company based in Foster City, CA, providing the delivery of entertainment and event tickets through bank ATM networks. Applied Communications, a subsidiary of Transaction Systems Architects, will provide its ‘BASE24’ software to facilitate ATM Tix systems connecting ticket providers to existing bank ATM networks.

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Cap One Sub Prime

Capital One is expanding its subprime mining following an agreement this week to acquire Summit Acceptance Corporation, a Dallas-based subprime auto lender. Cap One is shelling out $55 million for the acquistion which should be completed by the end of the third quarter. Cap One also reported Thursday earnings of $66.9 million for the second quarter as total managed consumer loans hit $15.0 billion and accounts hit 13.6 million for the second quarter. The managed net interest margin was declined to 9.84% for the second quarter from 10.40% for the first quarter due to decreases in late fee revenue as the Cap One’s delinquency levels declined. The managed delinquency rate (30+ days) decreased to 5.14% as of June 30 compared with 5.75% as of March 31, exceeding typical seasonal patterns. The managed net charge-off rate decreased to 5.91% for the second quarter of 1998 compared with 6.04% in the first quarter of 1998.

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People’s 2Q

Delinquency declined from 3.35% to 3.19% but chargeoffs jumped from 3.85% to 4.11% during the second quarter according to People’s Bank 2Q earnings report released yesterday. People’s card receivables are growing 13% annually if you discount the sale of $107 million of affinity card loans completed during the second quarter. People’s realized a $5.3 million pre-tax gain on the sale. Meanwhile, People’s U.K. card portfolio hit $196 million for 2Q/98, an 11% increase over the first quarter and a whopping 83% increase since last summer.

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